Spanish authorities tighten crypto regulation

Spain’s cryptocurrency platforms will be regulated in a new way. Corresponding changes have already been developed and will soon be introduced into national legislation.

So, in accordance with the Fifth EU Anti-Money Laundering Directive (AMLD5), all trading platforms, crypto-wallet operators and holders of private keys must undergo mandatory registration with the country’s main financial regulator. Particular attention is paid to the identification of users in the document (officials warned of the need to cooperate only with persons who have passed this procedure). All activities for the transition to the new rules are nine months from the date of adoption of the law.

The official statement notes that the amendments will contribute to tighter control of market participants to prevent illegal activities and, in particular, money laundering and terrorist financing.

We add that AMLD5 entered into force on January 10 this year, and within a year and a half, all states that are part of the European Union will have to amend their national legislation to comply with the Fifth Directive.